New York-listed drybulk shipowner Genco Shipping & Trading Limited took delivery of a recent acquired Imabari-built capesize vessel as part of the company’s growth strategy to further modernize its “asset base” and improve its “earnings capacity.”
The U.S. headquartered shipowner bought a modern 2020-Imabari built 182,000 dwt scrubber-fitted capesize vessel for a purchase price of $63.6m.
The purchase of Genco Courageous marks the fourth high specification, fuel efficient capesize vessel that Genco has agreed to acquire since October 2023, Genco said, further expanding the company’s presence in a key sector.
The company didn’t disclose the name of the seller.
Genco’s current fleet consists of 43 vessels with an average age of 12.7 years and an aggregate capacity of approximately 4,628,000 dwt: 16 capesizes, 15 ultramaxes and 11 supramaxes, plus the recent acquired capesize Genco Courageous.
John C. Wobensmith, CEO of drybulk specialist Genco Shipping and Trading, commented, “We are pleased to take delivery of this high specification, fuel efficient capesize vessel, which expands the company’s presence in a key sector and marks approximately $200 million invested in modern capesize vessels since October 2023.
“Importantly, we continue to take steps to modernize our asset base and improve our earnings capacity at a time of favorable long-term industry fundamentals. Moving forward, we remain committed to executing our value strategy to further capitalize on attractive growth opportunities while continuing to provide shareholders with sizable returns.”
